- Saudi crude oil exports jumped to 7.307 million barrels per day in February.
- Saudi crude oil exports surpassed the 7 million bpd mark for the first time since the start of the pandemic.
- JODI: Saudi crude oil and petroleum products ending inventories in February rose by 316,000 bpd to 235.8 million barrels.
Saudi Arabia, the world’s top crude oil exporter, saw crude exports rise in February to the highest level since April 2020’s month-long price war with OPEC+ ally Russia.
In February, the Saudis exported 7.307 million barrels per day (bpd) of crude to international markets, data from the Joint Organizations Data Initiative (JODI) showed on Monday. This represents an increase from 6.996 million bpd of crude exports in January 2022 and the highest level of crude the Kingdom has shipped since April 2020, according to JODI, which compiles countries’ self-reported data.
Saudi crude oil exports surpassed the 7 million bpd mark for the first time since the start of the pandemic and the price war with Russia in March and early April 2020. At the time, the Saudis flooded the oil market after failing to initially agree on a response to plummeting global demand for oil as countries imposed lockdowns to fight COVID.
Saudi Arabia has increased its crude oil production by more than 100,000 bpd every month under the OPEC+ deal for a total increase of 400,000 bpd from all pact members. Over the past few months leading up to February 2022, Saudi Arabia had slightly increased its crude exports each month. But the increase between January and February was more than 300,000 bpd, suggesting the Kingdom has attracted more crude from elsewhere to export far more than its monthly increase in crude output. High international crude oil prices and recovering demand likely also played a role in boosting Saudi crude exports in February.
Saudi Arabia’s ending stocks of crude oil and petroleum products in February rose by 316,000 bpd to 235.8 million barrels. Crude-only inventories rose to 137.149 million barrels in February from 133.742 million barrels in January, but were still near multi-year lows seen in recent months. Direct use in oil combustion for electricity fell to 291,000 bpd in February from 402,000 bpd in January, according to JODI data.
By Tsvetana Paraskova for Oilprice.com
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